What is the purpose of the contingent tab?

Q.

What is the purpose of the contingent tab?

Is it for properties where the Sale is contingent on the purchase of another property or Sale of another property; or is it for other reasons as well?

If so, how should we determine the contingent date?

A.

The old term for Active Under Contract was Contingent.  NAR changed the name a couple of years ago so we had to follow their lead.

Active Under Contract is defined in our MLS Rules as “Offer accepted and either

  1. Seller requests that property remain in an On-Market status and is looking for back-up offers, or
  2. The sale is subject to court or other third party approval.  This is an ‘On-Market status.’  As an On-Market Status, Days in MLS (DIM) will accumulate.  In the Pending status, DIM does NOT accumulate.

The Contingent Date is the date the offer is accepted initially.  At that time the seller could state that they are not seeking back-up offers and instruct you to place the status as Pending.  Subsequently, the seller could change their mind and give you written instructions to move the status to Active Under Contract.

If this occurs, the Contingent Date would be the date the seller issued new instructions.  In either case, the Rules allow you two (2) business days to enter the correct status after the event.

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